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Rupee strengthens against US dollar on weak crude oil prices

26 Dec 2018 Evaluate

Indian rupee strengthened against US dollar on Wednesday following weak crude oil prices and losses in dollar on account of political uncertainty in the US. Uncertainty in global markets was triggered after US government partially shut down on Saturday, and there is not yet any sign of tangible efforts to reopen agencies closed by a political impasse over Trump’s demand for border wall funds. Meanwhile, Indian financial and money markets were shut on Tuesday for Christmas. On the global front, the dollar was down against most of its peers on Wednesday, pressured by a cocktail of negative factors including heightened concerns over a partial US government shutdown and tension between the White House and the Federal Reserve.

The partially convertible currency is currently trading at 70.06, stronger by 8 paise from its previous close of 70.14 on Monday. The currency touched a high and low of 70.0525 and 69.7500 respectively. The reference rate for the dollar stood at 70.17 and for Euro stood at 79.88 on December 24, 2018. While the reference rate for the Yen stood at 63.16, the reference rate for the Great Britain Pound (GBP) stood at 88.87.

Date1US$1GBP
December 24, 201870.175788.8710
December 21, 201870.036888.7016

(Reference Rate)

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